Pros And Cons Of Globalization

World is not a vast space anymore; everything has come together, tightly connected and interrelated that it feels like we are a part of a global village. In the new era, we all are connected to each other in a way that it never really existed before. Production of one part of the world is consumed in other part of the world. People can fly from one end to another end of the world, nothing is distant anymore. Globalization is the absence of imaginary walls and fences that countries had built up against each other, for the purpose of ambition, security and traditions. Globalization has brought all of us together and made us understand that we are all a part of a single entity, living in different circumstances culturally. Globalization was a tidal wave that first started to enhance the economic state of the world; therefore, it was primarily a fiscal movement. But its effect could not be restricted to finances; globalization has also affected the cultural, social, psychological and political state of the world. It has affected the mindsets of people, the way they think and react. It is globalization that has consolidated the world over communication. This is the reason why when people increasingly migrate or travel to far away countries now; they do not have the sense of fear of the unknown anymore. They already know what to expect because the globalization has brought all of us together. Globalization is the reason how the westernization of the naïve cultures took place. Globalization has spread like a fire because of the heavy amount of information exchange all over the world and the increased amount of travel. Another reason for the wide spread of globalization is that there is a considerable amount of resource depletion all over the world and every country now depends on each other for the basic resources. To study the multi dimensional impact of globalization of every aspect of the world we need to discuss its conceivable advantages and disadvantages. In this article, we have mentioned some of the major pros and cons of globalization, to give you a better idea of the concept.

Advantages & Disadvantages Of Globalization

Positive Side Of Globalization

Economically

Globalization leads to higher employment since developed countries outsource jobs to under-developed countries. There is also increased investment in the financial projects of developing countries by established economies, which helps in accelerating their growth. Since the outset of globalization, free trade between nations has been established, this means that the countries can produce and import goods without paying heavy tariffs. This results in the availability of wide range of products at reasonable prices, everywhere in the world.

Culturally

Because of globalization, a lot of information is shared across the world. Various cultures can be understood and acknowledged on global level. Countries which never had anything in common before are sharing and negotiating on a global scale now. All of this leads to the blending of cultures where people from different cultures are more interested in knowing about each other. This leads to increased tolerance among the people; ignorance is shed and social handicaps like racism is contained.

Politically

Politics is now addressed on a global platform and the power is becoming a consolidated ‘world’ concept rather than just a marginalized theory that meant that political power is separate for separate countries. Since everything is shared together economically, culturally, socially, politically also the decisions are taken keeping the benefit of the whole world in mind. Issues like global warming, depletion of natural resources, degrading ecosystems, increasing pollution in oceans and seas, etc. are addressed on the political level now since it affects the entire world together. The countries that face the tyranny of their political system are continually supported by the evolved countries, since it is not a secret anymore what happens in which country.

Negative Side Of Globalization

Economically

The major disadvantage of the globalization in the economic sector is that it has made the rich richer and left the poor poorer. The increased opportunities have benefited the managers and top investors but the hardship has fallen on workers and labour class. Since, the labour is easily available now because of the disappearance of the boundaries and people migrate from one country to another in the search of work, workers are paid horrendously low as they are available in abundance. Even if the jobs are outsourced and developing countries are benefitted because of the increase in job opportunities, the power still remains in the hands of the developed countries. This means that the profits are not equally distributed and most of it remains with the developed economies. Since every country of the world is intertwined with each other economically, economic hardship on one country will greatly affect another country. The goods and products from one country are easily available in another country, which means that the cultural uniqueness is lost.

Culturally

Since media plays a great role in globalizing all the information available, people suffer the evils of sensationalization. The media of the powerful nations has the power to circulate the information to every corner of the world, which means that they get to decide which information has to be shared and what should be the opinion of the people. It also ruins the personal identity of the cultures by westernizing everything. Third world countries are increasingly adopting the western ways as they feel inferior about their own culture. The new generation is increasingly becoming unaware of the nuances of their own culture. Globalization also leads to spreading of epidemics and communicable diseases as travelling has become accessible to all.

Politically

It can be said that the developing nations are still being colonized by the western nations but in a much sophisticated form, for example, these nations form their political decisions according to the suggestions, manipulations and pressures of the more developed nations, so that they can retain their standing in the global scenario. The developed nations take full advantage of this aspect.